No. of Recommendations: 0
A friend of mine, an American citizen living & working in Hong Kong for many years, is about to receive a very large lump sum payout of funds from an overseas retirement scheme--at least $300K. This is how one retires here, "installments" is not an option. Is there anything he can do to diminish the tax hit he's going to face?

He normally owes several thousand dollars in US tax annually.

He will not have to pay any Hong Kong tax on this money, so he can't use a tax credit to offset the US tax.

kse4
Print the post  

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement